Avelas Biosciences completes new round of financing

San Diego-based Avelas Biosciences has announced the closing of $6.85 million in Series B financing that will go toward funding the advancement of its fluorescent peptide designed to illuminate cancer cells.

The latest financing brings the total funds raised since inception to about $14 million. The financing was led by a founding investor in the company, Avalon Ventures, joined by new investors Torrey Pines Investment, WuXi AppTec, and an additional unnamed investor.

The new financing round, he added, could propel AVB-620 development one step closer to accurately visualizing cancer in real-time for patients.

"AVB-620 will enable surgeons to identify cancerous tissue during the surgical procedure, addressing a key unmet need in the oncologic surgery space," Carmine Stengone, CEO of Avelas, said. "This capability will allow surgeons to make real-time decisions that will improve patient treatment and lead to significant cost savings by reducing surgical time and the number of re-operations."